点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2Q25业绩前瞻： 1）我们预计公司2Q25营收为73.3亿元人民币（yoy+19.7%），分业务来看，预计游戏\VAS\广告\电商四大业务 收入分别为16.1亿元（yoy+60%）、28.2亿元（yoy+10%）、24.2亿元（yoy+19%）、4.8亿元（yoy-8%）。2） 我们预计2Q25实现毛利润26.8亿元，对应毛利率36.5%；预计实现经调整净利润5.5亿元，对应经调整净利润率 7.5%。 2025年7月11日，公司召开投资者日，要点如下： 游戏业务更新： 1）碧蓝航线：迎来第八周年庆典，25年Q3将上线3D岛屿系统，提升沉浸感，预计将拉动活跃用户与商业化增 长。2）FGO：2024年收入逆势增长31%，创近年新 ...

Core Insights - The game "Brown Dust 2" has gained significant attention in China, particularly after its presence at the BW exhibition, despite its average revenue performance in South Korea [1][5] - The game has seen a remarkable increase in daily active users, reaching a historical high of 280,000 during its two-year anniversary event, and topping sales charts in Taiwan and Hong Kong [2][4] - The game's unique business model, which allows players to draw costumes that are tied to skills rather than characters, has contributed to its resurgence [4][6] Revenue and Performance - Since its overseas launch in 2023, "Brown Dust 2" has not performed exceptionally well in terms of revenue, often hovering around the top 100 in South Korea's sales rankings [2] - The game has maintained a growing level of attention over the past two years, which is atypical for a sequel that initially struggled to build a player base [2][4] Marketing and User Engagement - The marketing strategy for "Brown Dust 2" has been aggressive, with significant promotional efforts even when the game was outside the top sales rankings, indicating a strong commitment from the developer Neowiz [6][8] - The development team has actively sought feedback from players to improve game quality and user experience, which has led to a more engaged community [19][23] Game Design and Features - The game emphasizes character depth and storytelling, allowing players to collect all characters while focusing on acquiring costumes that enhance gameplay [6][20] - The design team prioritizes aesthetic appeal in character design, with a shift in player interest towards visual attractiveness over numerical strength [24] Future Plans and Market Potential - The development team is exploring the possibility of launching the game in China, acknowledging the need for content modifications to meet local regulations [16] - There is a recognition of the potential in the Chinese market, with a significant portion of revenue coming from Chinese players, estimated at 10%-15% of overall income [22] Community and Cultural Insights - The team has noted differences in player preferences between regions, with Chinese players showing a strong interest in community interaction and feedback [29] - The success of "Brown Dust 2" is attributed to a collaborative relationship with its user base, emphasizing the importance of player support in the game's development [35][36]

2025 年 7 月 22 日 公司研究 AI 强化广告基建能力，关注储备游戏释放进展 ——哔哩哔哩（BILI.O）2Q25 业绩前瞻 要点 2Q25 业绩前瞻：1）我们预计公司 2Q25 营收为 73.3 亿元人民币（yoy+19.7%）， 分业务来看，预计游戏\VAS\广告\电商四大业务收入分别为 16.1 亿元 （yoy+60%）、28.2 亿元（yoy+10%）、24.2 亿元（yoy+19%）、4.8 亿元（yoy-8%）。 2）我们预计 2Q25 实现毛利润 26.8 亿元，对应毛利率 36.5%；预计实现经调整 净利润 5.5 亿元，对应经调整净利润率 7.5%。 2025 年 7 月 11 日，公司召开投资者日，要点如下： 游戏业务更新：1）碧蓝航线：迎来第八周年庆典，25 年 Q3 将上线 3D 岛屿系 统，提升沉浸感，预计将拉动活跃用户与商业化增长。2）FGO：2024 年收入逆 势增长 31%，创近年新高。25Q3 将上线高营收预期卡池，并举办大型嘉年华。 3）三谋：周年庆 DAU 达到 25 年新高，布局 PC 端与小程序版本；26 年计划上 线 Steam 与网页版，迈向多平台、重度 ...

Group 1 - The recruitment for the first online public test of "Blue Star Origin: Travel Song" by Manju Network has begun, with a limited number of 1500 slots available on Bilibili, and the test will be conducted on PC only [1] - The game is positioned as an open-world 2D RPG, which may attract core players and potentially strengthen investor confidence in the 2D sector's development capabilities [1] - If the feedback is positive, it could encourage similar companies to enhance their open-world and cross-platform strategies, leading to a focus on innovation in the 2D category [1] Group 2 - The Pokémon Company has scheduled a new Pokémon presentation for July 22, 2023, with the latest game "Pokémon Legends: Z-A" set to release on October 16, 2023 [2] - There are market speculations about a new generation of Pokémon games being exclusive to the upcoming Nintendo Switch 2, which could boost market expectations for the next-gen console [2] - The ongoing iteration of top IPs like Pokémon may intensify content competition and drive smaller developers to pursue differentiated strategies [2] Group 3 - Microsoft's "COD: Black Ops 7" will debut at the Cologne Game Show, marking the first time two Black Ops-themed games are released consecutively [3] - This strategy indicates a shift towards a more intensive IP development approach, which may enhance Xbox's content ecosystem and increase market expectations for user growth in Microsoft's gaming subscription services [3] Group 4 - The total revenue of Shanghai's gaming industry for the first half of 2025 reached 83.283 billion yuan, reflecting a year-on-year growth of 10.80% [4] - Both domestic and overseas sales revenues for Shanghai's online games have shown growth, with the esports sector generating 3.254 billion yuan, up 6.91% [4] - The report highlights the continuous innovation and global expansion of Shanghai's gaming companies, which may boost investor confidence, particularly in leading firms with strong R&D and overseas operational capabilities [4]

交银国际研究 消息快报 互联网 2025 年 7 月 14 日 哔哩哔哩 (BILI US) 2025 投资者日：聚焦广告商业化效率提升及核心游戏 IP 长线运营 赵丽, CFA zhao.li@bocomgroup.com (86) 10 8393 5332 谷馨瑜, CPA connie.gu@bocomgroup.com (86) 10 8393 5330 孙梦琪 mengqi.sun@bocomgroup.com (86) 10 8393 5333 蔡涵 hanna.cai@bocomgroup.com (86) 10 8393 5334 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 哔哩哔哩 7 月 11 日举办 2025 年投资者论坛，管理层分享最新业务进展及 未来战略，重申社区定位及优质中长视频内容导向，商业化方面，坚持以 C 端为主+B 端为辅的变现模式，在持续拓展广告天花板的同时，进一步探 索多样化 C 端变现模式。 广告坚持一横一纵战略，深度挖掘 ...

Core Viewpoint - Bilibili has successfully transitioned to profitability after 15 years of losses, demonstrating stable earnings with significant growth in revenue and profit margins in the first quarter of 2025 [1][6]. Financial Performance - Bilibili reported a net revenue of 70.03 billion yuan in Q1 2025, a year-on-year increase of 24% [1] - Gross profit reached 25.39 billion yuan, up 58% year-on-year, with a gross margin of 36.3%, an increase of 8 percentage points [1] - Adjusted net profit for the quarter was 3.62 billion yuan, marking the third consecutive quarter of positive adjusted net profit [1] Revenue Sources - Bilibili's revenue is derived from four main areas: value-added services, advertising, mobile games, and IP derivatives [1] - Advertising revenue was 19.98 billion yuan, a 20% year-on-year increase, driven by strong growth in performance-based advertising, particularly in AI-related ads [2] - Mobile gaming revenue reached 17.31 billion yuan, a 76% increase year-on-year, largely due to the success of the exclusive game "Three Kingdoms: Strategy of the World" [2] - Value-added services generated 28.07 billion yuan, an 11% increase year-on-year, primarily from live streaming and other services [2] - IP derivatives and other revenue decreased by 4% to 4.67 billion yuan [2] User Growth and Engagement - Daily active users reached 106.7 million, an increase of approximately 4.3 million year-on-year, while monthly active users totaled 368 million, with a net increase of 28 million [3] - The average age of Bilibili users is now 26, indicating a shift towards a more engaged and financially capable user base [3] - Users spend an average of 108 minutes daily on the platform, with the number of paying users reaching a historical high of 32 million [3] Strategic Initiatives - Bilibili has been focusing on cost reduction and efficiency improvements, leveraging AI technology to enhance commercial conversion rates [3] - The company upgraded its fan charging plan, resulting in a 200% year-on-year increase in related revenue [4] - Bilibili aims to gradually increase its gross margin to 40%-45% and maintain a long-term operating profit margin target of 15%-20% [4] Future Outlook - Bilibili's CEO expressed confidence in the company's ability to sustain profitability and adapt to the evolving AI landscape, emphasizing the potential for diversified monetization of high-quality content [5][6] - The company recognizes the importance of long-term operations for its gaming projects, particularly "Three Kingdoms: Strategy of the World," which is expected to have a stable commercial cycle of at least five years [4]

以下文章来源于黄青春频道 ，作者黄青春Youth 黄青春频道 . 看清流量迁徙的切面 题图｜视觉中国 5 月 20 日，花式秀恩爱文案与打工人自嘲的段子一波接一波冲刷着互联网，直到下午偶尔两条哔哩 哔哩（以下简称"B站"）财报分享夹在朋友圈时间线，才发现风光不再的 B 站，即便递上最新财报也 鲜少引发市场讨论了。 某种程度上，当用户规模、市场份额、盈利能力交替成为优先级最高的指标时，互联网公司的业务节 奏经常需要围绕市场叙事调整转换，亦会影响到公司发展路径。 以 B 站为例，2025Q1 有两个转折 点可以拎出来理解这份财报： 一是盈利能力又开始"摇摆"。 2025Q1 营收达 70.03 亿元，环比减少 7.3 亿；净亏损 1070万元，调 整后净利润 3.62 亿元，环比下降近 1 亿——作为对照，B 站 2024Q4 首次实现单季度全面盈利，净 利润 8890 万元，调整后净利润 4.52 亿元。 出品｜虎嗅黄青春频道 作者｜商业消费主笔 黄青春 二是管理层似乎又滑入"烧钱"换增长的老路数， 最明显的变化是用户盘出现一个爬升小高峰，单季 度 MAU（月活跃用户数）环比净增 2800万。 这背后，一方面是 ...

Core Viewpoint - Bilibili (B站) is experiencing a mixed financial performance in Q1 2025, with a notable increase in user engagement but a decline in profitability, raising questions about its long-term growth strategy and reliance on gaming revenue [2][10][24]. Financial Performance - In Q1 2025, Bilibili reported revenue of 7.003 billion yuan, a decrease of 730 million yuan from the previous quarter, and a net loss of 10.7 million yuan, with adjusted net profit dropping to 362 million yuan, down nearly 100 million yuan from the previous quarter [2][24]. - The gaming segment saw a significant year-on-year revenue increase of 76%, reaching 1.73 billion yuan, primarily driven by the performance of the game "三国：谋定天下" (Three Kingdoms: Strategy of the World) [10][11]. - Gross profit margin for Q1 2025 surged to 58%, with a gross margin of 36.3%, an increase of 8 percentage points from the same period last year [12][24]. User Engagement - Bilibili's monthly active users (MAU) increased by 28 million to 368 million, marking a historical high, while daily active users (DAU) rose by 3.7 million to 106.7 million [35][39]. - The platform's average daily usage time increased by 9% to 108 minutes, also a record high, attributed to the successful live streaming of the Spring Festival Gala [40][39]. Business Segments - The revenue contributions from Bilibili's main business segments in Q1 2025 were as follows: value-added services (40%), advertising (29%), gaming (25%), and IP derivatives and others (6%) [7]. - Value-added services revenue grew by 11% year-on-year to 2.81 billion yuan, with the number of premium members increasing by 800,000 to 23.5 million [24][25]. - Advertising revenue increased by 20% year-on-year to 2 billion yuan, although this growth rate was considered underwhelming compared to other segments [26][29]. Strategic Insights - Management appears to be returning to a "burning money for growth" strategy, as evidenced by the increase in user numbers despite the financial losses [5][6]. - The company is focusing on long-term game operations, with plans for "三谋" to have a minimum operational lifespan of five years, emphasizing user retention and engagement [17][20]. - Bilibili is leveraging its unique content ecosystem, particularly in the areas of animation, gaming, and knowledge, to enhance its competitive edge in the global market [42][43].

Core Viewpoint - The company reported a significant improvement in its financial performance for Q1 2025, with a notable increase in revenue and adjusted net profit compared to the same period last year, indicating a positive growth trajectory in user engagement and monetization strategies [1][2]. Group 1: Operational Performance - In Q1 2025, the platform's user traffic, stickiness, and payment rate all saw further growth, with Monthly Active Users (MAU) increasing by 8% year-on-year to 368 million, and Daily Active Users (DAU) rising by 5% to 107 million [1]. - The average daily usage time per user increased from 105 minutes in Q1 2024 to 108 minutes in Q1 2025, while Average Revenue Per User (ARPU) significantly improved from 17 yuan to 19 yuan year-on-year [1]. Group 2: Key Financial Metrics - The company achieved a revenue of 7.003 billion yuan in Q1 2025, representing a year-on-year increase of 24% but a quarter-on-quarter decrease of 9% [2]. - The revenue breakdown includes mobile gaming at 1.731 billion yuan (YoY +76%, QoQ -4%), live streaming and value-added services at 2.807 billion yuan (YoY +11%, QoQ -9%), advertising at 1.998 billion yuan (YoY +20%, QoQ -16%), and IP derivatives and other businesses at 467 million yuan (YoY -4%, QoQ slightly up) [2]. - The gross margin stood at 36%, an increase of 8 percentage points year-on-year, with various expense ratios showing continued optimization [2]. Group 3: Mobile Gaming Business - The exclusive licensed game "Three Kingdoms: Strategize the World" performed exceptionally well, driving mobile gaming revenue up by 76% year-on-year to 1.731 billion yuan [3]. - The company anticipates that the game will develop into a long-term attractive title, with a significant update planned for May 31, which is expected to further enhance user engagement [3]. Group 4: Live Streaming and Value-Added Services - Revenue from live streaming and value-added services grew by 11% year-on-year to 2.807 billion yuan, driven by increased earnings from these segments [4]. - The number of monthly paying users reached a record high of 32 million, and the total number of paying members increased to 264 million, reflecting a 12% year-on-year growth [4]. Group 5: Advertising Business - Revenue from advertising increased by 20% year-on-year to 1.998 billion yuan, with the number of advertisers growing by over 35% [5]. - AI-driven advertising creation and placement contributed to a more than 30% increase in performance advertising, while brand and native ads showed stable growth [5]. Group 6: Profit Forecast and Investment Rating - The company forecasts revenues of 30.5 billion yuan, 34 billion yuan, and 37.6 billion yuan for 2025E, 2026E, and 2027E respectively, with corresponding NON-GAAP net profits of 2 billion yuan, 2.6 billion yuan, and 3.3 billion yuan [6]. - The company maintains a strong content ecosystem and user engagement, leading to an upward trend in monetization capabilities, with a target price of 168 yuan per share [6].

Core Insights - The second dimension gaming industry experienced a downturn in 2023, with a significant revenue decline of over 7% year-on-year, leading to a perception of a "mass exodus" from the sector [2][4] - However, entering 2025, the industry appears to be at a turning point, with new high-quality IP products emerging and non-traditional developers entering the market, indicating a potential resurgence in user interest [4][8] - The game "Azur Lane" has shown remarkable stability in its sales rankings, defying the typical lifecycle decline seen in the industry, suggesting a strong user base and ongoing engagement [6][8] Industry Trends - The gaming landscape is shifting, with a blend of traditional second dimension elements and new genres like shooting and MMO games adopting anime aesthetics, indicating a diversification of user preferences [4][8] - The user base for second dimension games is still present, but there is a need for innovative products to meet evolving expectations [4][8] Azur Lane's Performance - "Azur Lane" celebrated its eighth anniversary with significant milestones, including a research participant count surpassing 100,000, up from around 8,000 during its fifth anniversary, and achieving a record high in full collection achievements [9][11] - The game's ability to maintain user engagement is attributed to continuous content updates, including new characters and gameplay mechanics that resonate with both new and returning players [17][20] User Engagement Strategies - The game emphasizes emotional engagement over traditional monetization strategies, focusing on providing a rich companionship experience for players [21][23] - Recent updates have improved interactive features, such as the "dormitory function," enhancing the immersive experience for players [23][26] - The game has expanded its offline presence through events in multiple cities, fostering a sense of community among players [31][33] Future Outlook - The second dimension gaming market is expected to remain chaotic for the next 6 to 12 months, but "Azur Lane" is well-positioned to capitalize on this environment due to its established user base and understanding of player preferences [34][36] - The game is likely to continue thriving as players seek long-term engagement with products that meet their emotional and gameplay needs [34][36]